Astral forecasts 120% increase in headline earnings
JSE-listed Astral Foods expects an increase in headline earnings per share (HEPS) for the 12 months ending September 30 of at least 120%, or 1 037c a share, on the comparable period.
Compared with the previous year, earnings per share (EPS) are also forecast to increase by at least 115% or 1 017c.
Shareholders were advised on Thursday that this prediction was based on the year-to-date results to the end of August and the preliminary results for the month of September.
As such both HEPS and EPS for the 12 months ending September 30 were expected to be at least 1 901c. In 2014, the company declared HEPS of 864c and EPS of 884c.
“The trading conditions experienced during the first half of the financial year that resulted in the improvement in the reported profits for the six months ended 31 May 2015, continued into the third quarter of the financial year,” explained the integrated poultry producer.
This formed the basis for the improvement in the results for the period under review. However, trading conditions were impacted during the last quarter of the financial year by depressed consumer demand, excessive imports of bone-in chicken portions from the European Union and the on-set of increases in maize prices as a result of adverse weather conditions in South Africa’s maize producing areas.
The information on which the trading statement was based had not been reviewed or reported on by Astral’s auditors.
Astral noted that a further announcement would be released once a more definite range of the increase in earnings could be provided. The company expected to publish its full-year results on November 16.
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